This is my hw, plz help, and thanks

5 points Risk averse individuals have: 0 Diminishing marginal utility for income 0 A convex utility function 0 A high probability of falling sick Low demand for health insurance 5 points An actuarially fair insurance contract is one in which: The premium is larger than actual costs The premium equals actual costs The premium is larger than expected costs 0000 The premium equals expected costs 5 points 55 A partial insurance contract is one in which: Income in the sick state is more than income in the healthy state 0 Income in the sick state is equal to income in the healthy state 0 Income in the sick state is less than income in the healthy state Income in the sick state is more than the premium 5 points A risk averse individual strictly prefers being insured to being uninsured, even if income when insured is less than expected income when uninsured. 0 True 0 False 5 5 points 5f A consumer with declining marginal utility of income will never prefer actuarial ly fair, partial insurance to actuarially unfair, full insurance. ' Suppose that John's income when healthy is $4,900. John has a 40% probability of falling sick. When sick, John's income is $2,500. Calculate John's expected income. Type your answer... 5 points Suppose that John's income when healthy is $4,900. John has a 40% probability of falling sick. When sick, John's income is $2,500. Suppose that John's utility function is U (I) = . Calculate John's expected utility of income. Type your answer... a 5 points Q' Suppose that John's income when healthy is $4,900. John has a 40% probability of falling sick. When sick, John's income is $2,500. John's utility function is U (I) = x/T. Calculate the utility of John's expected income. Report your answer rounded to one decimal point (e.g. 31.4) 9 5 points Compare John's expected utility to the utility of his expected income. Which is higher? Expected utility O Utility of expected income 10 5 points Based on the above comparison, do you conclude that John is O Risk neutral O Risk averse O Risk loving 11 5 points Suppose that John purchases an insurance plan that charges a premium of $1,400 and has a payout of $2,000. Calculate John's income when healthy under this insurance plan. Type your